HARARE – OK Zimbabwe Limited is working to restore normal stocking levels before the end of the financial year through new procurement models and support from supplier partners and financial institutions, the retail giant said in a trading update on Friday.
“The business has begun restocking the operating units with support from supplier partners as well as financial institutions that continue to assist with short-term funding structures,” said Group Company Secretary Margaret Munyuru in a trading update. “New alternative procurement models have been developed which include, but are not limited to, a structured stock supply arrangement with a third party for supplier assurance purposes.”
The company said the fortunes of Zimbabwe’s formal retail sector are tied to exchange rate stability. “Consultations with both Fiscal and Monetary Authorities have led to a relaxation of the very strict policing of applicable in-store exchange rates,” Munyuru said. OK Zimbabwe welcomed the recently announced monetary policy measures, which removed some limitations and introduced greater flexibility in the foreign exchange market but called for “absolute clarity on the roadmap towards a full market-determined exchange rate system.”
OK Zimbabwe reported a 36% decline in revenue for the third quarter ended 31 December 2024, attributing the drop to subdued consumer spending, currency devaluation, and supply chain disruptions.
